September 20, 2011
To significantly expand its services to buy-side clients, Broadridge Financial Solutions today acquired Paladyne Systems for approximately $76.5 million in consideration subject to various adjustments.
Paladyne helps global, multi-asset class investment managers and service providers work more effectively, minimizes the challenges of managing multiple prime broker relationships, decreases the cost of integrating and running disparate solutions, and improves consistency in data and reporting.
“The acquisition of Paladyne will significantly expand Broadridge’s position as a service provider to buy-side clients,” stated Richard J. Daly, CEO, Broadridge. “Buy-side firms purchase nearly 40% of capital markets technology and services and represent a segment of virtually untapped opportunity for Broadridge. Paladyne will serve as the foundation for the expansion of Broadridge’s buy-side offering, enabling us to bring Paladyne’s unique solutions to hedge funds, our existing prime brokerage clients, asset managers, hedge fund administrators and other asset servicers.”
Paladyne’s integrated front-, middle- and back-office platform helps hedge funds, asset managers, fund administrators and prime brokers to streamline and manage their business. Paladyne’s platform includes multi-asset class order and portfolio management tools; reference data, pricing, and valuation management applications; and data warehousing for firm-wide data aggregation and reporting. Paladyne combines its technology with a fully-hosted, managed IT platform.